S 
Shanghai Waigaoqiao Free Trade Zone Group Co 600648.SS · CNY
Industrials · Shanghai · 🇨🇳 China
8.44
-0.47%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥5.97bn
FY2016FY2025
Net income
CN¥939.4m
FY2016FY2025
Free cash flow
−CN¥1.11bn
FY2016FY2025
Shareholders' equity
CN¥15.94bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥5.97bn | CN¥7.24bn | CN¥7.69bn | CN¥9.20bn | CN¥8.88bn | CN¥10.22bn | CN¥9.01bn | CN¥7.80bn | CN¥9.01bn | CN¥8.66bn |
| Research and development | CN¥28.1m | CN¥26.1m | CN¥25.9m | CN¥24.2m | CN¥24.5m | CN¥10.5m | CN¥7.0m | CN¥6.4m | CN¥13.1m | CN¥1.7m |
| Operating income | CN¥1.74bn | CN¥1.18bn | CN¥1.41bn | CN¥1.75bn | CN¥1.68bn | CN¥1.44bn | CN¥1.33bn | CN¥1.21bn | CN¥1.06bn | CN¥1.19bn |
| Net income | CN¥939.4m | CN¥951.4m | CN¥928.5m | CN¥1.24bn | CN¥937.1m | CN¥721.6m | CN¥875.2m | CN¥818.1m | CN¥758.8m | CN¥722.6m |
| Diluted earnings per share | 0.70 | 0.84 | 0.81 | 1.09 | 0.82 | 0.64 | 0.69 | 0.75 | 0.75 | 0.65 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥47.67bn | CN¥46.10bn | CN¥44.64bn | CN¥41.69bn | CN¥43.11bn | CN¥39.30bn | CN¥34.81bn | CN¥31.08bn | CN¥30.55bn | CN¥29.61bn |
| Cash and short-term investments | — | CN¥6.04bn | CN¥7.43bn | CN¥7.06bn | CN¥9.54bn | CN¥6.60bn | CN¥2.25bn | CN¥2.06bn | CN¥2.73bn | CN¥2.97bn |
| Total liabilities | CN¥31.25bn | CN¥32.66bn | CN¥31.80bn | CN¥29.39bn | CN¥31.14bn | CN¥28.06bn | CN¥23.94bn | CN¥20.39bn | CN¥20.23bn | CN¥19.81bn |
| Debt | CN¥9.87bn | CN¥18.27bn | CN¥18.58bn | CN¥16.61bn | CN¥16.57bn | CN¥16.06bn | CN¥15.71bn | CN¥9.69bn | CN¥12.90bn | CN¥12.35bn |
| Shareholders' equity | CN¥15.94bn | CN¥13.03bn | CN¥12.55bn | CN¥11.99bn | CN¥11.69bn | CN¥10.96bn | CN¥10.55bn | CN¥10.19bn | CN¥9.93bn | CN¥9.42bn |
| Shares outstanding | 1,346m | 1,134m | 1,145m | 1,135m | 1,142m | 1,136m | 1,265m | 1,093m | 1,013m | 1,114m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥76.4m | −CN¥2.78bn | CN¥461.4m | −CN¥1.71bn | CN¥3.53bn | CN¥4.18bn | −CN¥2.25bn | CN¥716.3m | CN¥2.85bn | −CN¥535.8m |
| Capital spending | −CN¥1.04bn | −CN¥677.7m | −CN¥919.7m | −CN¥417.8m | −CN¥98.3m | −CN¥198.1m | −CN¥225.9m | −CN¥489.6m | −CN¥130.6m | −CN¥190.4m |
| Free cash flow | −CN¥1.11bn | −CN¥3.46bn | −CN¥458.2m | −CN¥2.13bn | CN¥3.44bn | CN¥3.99bn | −CN¥2.48bn | CN¥226.7m | CN¥2.72bn | −CN¥726.2m |
| Dividends paid | −CN¥1.02bn | −CN¥1.06bn | −CN¥946.4m | −CN¥937.1m | −CN¥227.1m | −CN¥272.5m | −CN¥249.8m | −CN¥781.4m | −CN¥801.1m | −CN¥652.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.94bn | CN¥1.31bn | CN¥1.56bn | CN¥1.55bn | CN¥1.54bn | CN¥1.32bn | CN¥2.15bn | CN¥2.37bn |
| Operating income | CN¥214.7m | CN¥149.1m | CN¥987.0m | CN¥222.3m | CN¥193.7m | CN¥196.6m | CN¥224.4m | CN¥533.2m |
| Net income | CN¥94.9m | CN¥14.8m | CN¥774.0m | CN¥63.1m | CN¥61.5m | CN¥40.8m | CN¥514.3m | CN¥295.7m |
| Diluted earnings per share | 0.07 | 0.01 | 0.58 | 0.05 | 0.05 | 0.03 | 0.45 | 0.26 |
| Cash from operations | — | — | — | CN¥140.0m | CN¥311.0m | −CN¥1.49bn | — | CN¥1.10bn |
| Capital spending | −CN¥111.0m | −CN¥170.0m | −CN¥250.0m | −CN¥166.0m | −CN¥455.0m | −CN¥165.0m | −CN¥224.0m | −CN¥192.0m |
| Free cash flow | — | — | — | −CN¥26.0m | −CN¥144.0m | −CN¥1.65bn | — | CN¥910.0m |
| Total assets | CN¥46.73bn | CN¥48.30bn | CN¥47.67bn | CN¥45.53bn | CN¥45.37bn | CN¥44.39bn | CN¥46.10bn | CN¥45.42bn |
| Cash and short-term investments | — | — | — | CN¥5.17bn | CN¥5.37bn | CN¥4.69bn | CN¥6.04bn | CN¥5.09bn |
| Debt | CN¥12.52bn | CN¥13.31bn | CN¥9.87bn | CN¥10.11bn | CN¥16.31bn | CN¥18.78bn | CN¥18.12bn | CN¥17.95bn |
| Shareholders' equity | CN¥15.57bn | CN¥15.96bn | CN¥15.94bn | CN¥15.17bn | CN¥15.10bn | CN¥13.07bn | CN¥13.03bn | CN¥12.52bn |
Financial ratios
Data as of 2 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 29.1% | 16.2% | 18.3% | 19.0% | 18.9% | 14.0% |
| Net margin | 15.7% | 13.1% | 12.1% | 13.5% | 10.5% | 7.1% |
| Return on equity | 5.9% | 7.3% | 7.4% | 10.3% | 8.0% | 6.6% |
| Return on assets | 2.0% | 2.1% | 2.1% | 3.0% | 2.2% | 1.8% |
| Free cash flow yield | 7.4% | -19.2% | 12.5% | -11.8% | 32.9% | 39.9% |
| Revenue growth | -17.5% | -5.9% | -16.4% | 3.6% | -13.1% | 13.5% |
| Earnings growth | -1.3% | 2.5% | -25.2% | 32.4% | 29.9% | -17.5% |
| Current ratio | 1.04x | 0.83x | 1.12x | 0.99x | 1.08x | 1.09x |
| Debt to equity | 0.62x | 1.39x | 1.47x | 1.20x | 1.41x | 1.47x |
| Equity ratio | 33.4% | 28.3% | 28.1% | 28.8% | 27.1% | 27.9% |
| Interest coverage | 4.06x | 2.39x | 3.23x | 3.35x | 3.30x | 3.29x |
| R&D as a share of sales | 0.5% | 0.4% | 0.3% | 0.3% | 0.3% | 0.1% |
| Buybacks as a share of market value | -18.7% | 1.0% | -0.9% | 0.5% | -0.5% | 10.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.4% | -10.2% | -2.9% |
| Operating income | -0.2% | 3.9% | 8.3% |
| Net income | -8.9% | 5.4% | 5.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 22.0% | 20.2% | 18.7% | 16.1% |
| Net margin | 14.3% | 13.5% | 11.6% | 10.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.5 | 14.2 | 12.2 | 10.9 | 16.1 | 22.0 | 25.1 | 18.4 | 24.7 | 30.4 |
| Price to sales | 2.3 | 1.9 | 1.5 | 1.5 | 1.7 | 1.6 | 2.4 | 1.9 | 2.1 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 15 years. Last went ex-dividend on 13 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.35 | 0.35 | 0.41 | 0.33 | 0.825 | 0.20 | 0.24 | 0.22 |
- 1-to-1 reverse split · 16 Feb 2006
- 11-for-10 split · 3 Jul 2001
- 11-for-10 split · 14 Jun 1999
- 3-for-2 split · 9 May 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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